Investment Rating - The investment rating for China Tobacco Hong Kong (06055) is "Buy" with a target price of 16.4 HKD, maintaining the rating as of August 28, 2024 [1]. Core Insights - The report highlights that China Tobacco Hong Kong achieved record performance in H1 2024, with revenue reaching 8.704 billion HKD, a year-on-year increase of 12.4%, and a net profit attributable to shareholders of 643 million HKD, up 40.8%, exceeding previous profit expectations [1]. - The company declared an interim dividend of 0.15 HKD per share for the first time [1]. - The report emphasizes the company's unique position as the only international business platform for China National Tobacco Corporation, which is expected to benefit from ongoing international expansion and potential mergers and acquisitions [1]. Summary by Sections Business Performance - The five major business segments of the company showed comprehensive growth, with notable performance in cigarette export business [1]. - Leaf export revenue in H1 2024 was 918 million HKD, up 23.0%, accounting for 10.5% of total revenue with a gross margin of 3.1% [1]. - Leaf import revenue reached 6.802 billion HKD, a 5.5% increase, representing 78.1% of total revenue with a gross margin of 10.9% [1]. - Cigarette export revenue was 547 million HKD, a significant increase of 127.9%, with a gross margin of 22.2% [1]. - New tobacco product export revenue was 44 million HKD, up 28.4%, contributing 0.5% to total revenue with a gross margin of 4.8% [1]. - Brazilian operations generated 393 million HKD in revenue, a 42.8% increase, with a gross margin of 17.2% [1]. Competitive Advantages - The company possesses a rare advantage as the exclusive operator of international tobacco business for China National Tobacco Corporation, which is expected to continue benefiting from overseas expansion and integration opportunities [1]. - The business model demonstrates strong cash flow and pricing power, supported by stable revenue growth and low volatility in gross margins [1]. - The report projects an upward revision of net profit forecasts for 2024, 2025, and 2026 to 766 million HKD, 885 million HKD, and 1.066 billion HKD respectively, reflecting the company's unique position and growth potential [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中煙國際（香港）有限公司 China Tobacco International (HK) Company Limited （於香港註冊成立的有限公司） （股份代號：6055） 截至2024年6月30日止六個月中期業績公告 中煙國際（香港）有限公司公佈本集團截至2024年6月30日止六個月的未經審核綜合中期業 績，連同截至2023年6月30日止六個月之比較數字如下。 | --- | --- | --- | --- | |------------------------------|-------------------------|-------------------------|--------------| | | | | | | 財務摘要 | | | | | | | | 單位：千港元 | | | 截至 2024 年 6 月 30 日 | 截至 2023 年 6 月 30 日 | | | 項目 | ...

Company and Industry Overview * **Company**: Zhongyuan Hong Kong, a publicly listed company under China Tobacco, focusing on tobacco products and international expansion. * **Industry**: Tobacco industry, with a significant global market share held by China Tobacco. * **Key Points**: * Zhongyuan Hong Kong was listed on the Hong Kong Stock Exchange in June 2019 and is the only publicly listed tobacco company under China Tobacco. * The company operates in three main segments: raw tobacco, cigarettes, and new tobacco products, with a focus on international markets. * Zhongyuan Hong Kong aims to expand its international market presence and establish a strong position in the global tobacco industry. Business Segments and Performance * **Raw Tobacco**: * Imports: Exclusively operates in non-sanctioned regions globally, with a focus on countries like Brazil, Argentina, and the United States. * Exports: Mainly operates in Southeast Asia, Hong Kong, Macau, and Taiwan, as well as Europe. * Performance: Imports increased by 27% in 2023, with revenue growing by 49% and gross profit increasing by 18%. * Challenges: Global supply shortages and fluctuating prices due to weather conditions and climate change. * **Cigarettes**: * Exports: Initially focused on two countries and three regions (Thailand, Singapore, Hong Kong, Macau, and China's domestic duty-free stores). * Performance: Revenue and gross profit increased significantly in 2023, driven by strong sales in the first half of the year and improved product pricing and increased自营比例. * Future Outlook: Continued growth expected due to the recovery of passenger traffic and increased product pricing and自营比例. * **New Tobacco Products**: * Exports: Exclusively operates in regions outside of China, with a focus on heat-not-burn products. * Performance: Revenue and gross profit increased in 2023, driven by strong demand and improved product pricing. * Future Outlook: Expected to continue growing due to increased investment and market expansion. Financial Performance and Dividends * **Revenue**: Increased by 42% in 2023, reaching over 10 billion yuan. * **Gross Profit**: Increased by 42% in 2023, reaching over 3.6 billion yuan. * **Dividends**: Increased the dividend per share by 60% to 0.32 yuan, with an additional interim dividend to be paid in 2024. Future Outlook and Strategy * **Business Growth**: Expected to continue growing in the coming years, driven by the recovery of passenger traffic, increased product pricing, and expanded market presence. * **International Expansion**: Continues to focus on expanding its international market presence and establishing a strong position in the global tobacco industry. * **Investment**: Continues to look for opportunities to acquire assets in the tobacco industry, both within and outside of China Tobacco. * **Dividends**: Expected to continue increasing dividends to provide investors with a stable and growing income stream.

2024 年 6 月 19 日 首次覆盖 中烟香港（6055.HK） 证券研究报告 食品饮料 烟叶进口量价齐升，卷烟出口增长强劲 投资评级： Xx 买入 xx 报告摘要 目标价格： 20.2 元 中烟香港（6055.HK）是主营烟叶进出口、卷烟出口、新型烟草出口业务。公司成立于2004 年，总部设在香港，为中烟国际负责资本市场运作和国际业务拓展的指定境外平台。 现价(2024-6-18)： 16.9港元 公司近年来业绩持续增长。公司 23 年业绩突破历史新高，收入 118 亿港元，同比增长 42%，净利润6.9亿港元，同比增长49%，增长强劲。公司发布盈喜，预期上半年收入增 长不低于10%，净利润增长不低于30%。业绩增长的主要推动因素包括：1）卷烟出口业 总市值(百万港元) 11,689.39 务的持续恢复，由此带来收入和毛利的大幅增长；2）烟叶进口业务实现量价齐增；3） 流通市值(百万港元) 11,689.39 烟叶出口业务的收入和毛利实现增长。今年公司整体发展态势良好，业绩增长强劲。 总股本(百万股) 691.68 我们认为中烟香港的核心竞争力来自其独特的特许经营权：公司独家经营烟草进口至国 流通股本( ...

2024 年 06 月 06 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 业绩盈喜，看好公司出口业务发展 2024H1 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 ——中烟香港（ ）事件点评报告 06055 liaoxh@ghzq.com.cn 最近一年走势 事件 : 中烟香港（06055）于 2024 年6月3日发布正面盈利公告：集团预计 2024上半年收入同比增速不低于10%，公司所有者应占利润同比增速不 低于30%。 投资要点 :  背靠中烟集团，2023年营收首次破百亿港元。中烟国际(香港)有限 公司成立于2004年2月26日，公司为中烟国际负责资本运作及国 相对恒生指数表现 2024/06/05 际业务拓展的指定境外平台。中烟国际为中国烟草总公司的全资附 表现 1M 3M 12M 属子公司，主营产品包括烟叶、卷烟和新型烟草制品（如电子烟）。 中烟香港 38.4% 79.7% 83.4% 按业务划分来看，公司业务主要分为进口与出口，进口业务：从全 恒生指数 -0.3% 14 ...

港股公司报告 | 公司点评 中烟香港（06055） 证券研究报告 2024年06月 04日 投资评级 预告 24H1业绩明显增长，看好公司出海加速、外延扩张! 行业 必需性消费/食物饮品 6个月评级 买入（维持评级） 当前价格 16.1港元 事件：公司发布正面盈利预告，2024 年上半年预计收入同比增幅不低于 目标价格 港元 10%，公司所有者应占利润同比增幅不低于30%。 烟叶进出口业务与卷烟出口业务景气上行 基本数据 港股总股本(百万股) 691.68 ➢ 烟叶类出口业务：公司积极组织适销货源，优化定价策略，使烟 港股总市值(百万港元) 11,136.05 叶类产品出口业务的收入及毛利录得增长； 每股净资产(港元) 3.61 ➢ 烟叶类进口业务：受烟叶季节性波动影响，2024H1烟叶类产品进 资产负债率(%) 60.01 口数量增长且销售单价提高，使烟叶类产品进口业务的收入及毛 一 年内最高/最低(港元) 16.16/8.61 利实现增长； ➢ 卷烟出口业务：得益于疫情后免税店消费客流持续恢复，公司进 作者 一步优化卷烟产品组合，提升自营业务占比，使卷烟出口业务的 吴立 分析师 收入及毛利大幅增长。 SA ...

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2023, representing a 15% increase compared to the previous year[1]. - The company achieved a revenue of HKD 11,836,221 thousand for the year 2023, representing a 42% year-on-year increase compared to HKD 8,324,205 thousand in 2022[12]. - Total revenue for the year ended December 31, 2023, was HKD 11,836,221 thousand, an increase of 9.9% from HKD 10,747,897 thousand in 2022[188]. - Operating profit for 2023 reached HKD 1,026,455 thousand, up 46.5% compared to HKD 700,672 thousand in 2022[188]. - Net profit for the year was HKD 692,373 thousand, representing a 49.2% increase from HKD 464,160 thousand in the previous year[188]. - The net profit attributable to equity holders of the company was HKD 598,773 thousand, a 60% increase from HKD 374,905 thousand in the previous year[12]. - Basic and diluted earnings per share increased to HKD 0.87 from HKD 0.54, reflecting a growth of 61.1%[188]. - The gross profit margin improved to 40%, up from 35% in the previous year[1]. - The company reported a gross profit of HKD 1,088,324 thousand, which is a 35.0% increase from HKD 806,389 thousand in 2022[188]. Market Expansion and Strategy - The company expects a revenue growth of 10% for the next fiscal year, projecting a target of HKD 1.32 billion[1]. - New product launches are anticipated to contribute an additional HKD 200 million in revenue in 2024[1]. - The company is expanding its market presence in Southeast Asia, aiming for a 25% market share by 2025[1]. - A strategic acquisition of a local competitor is expected to enhance operational efficiency and increase market penetration[1]. - The company is committed to expanding its market presence in non-China markets and enhancing the competitiveness of its products[13]. - The company plans to enhance its operational capabilities and focus on sustainable development to ensure stable cash flow and long-term returns for shareholders[15]. - The company aims to explore investment and acquisition opportunities that create synergies with its strategic and business goals[15]. Supply Chain and Procurement - The company has established a long-term supply agreement with key suppliers to ensure product availability and cost stability[1]. - The company is focusing on improving the efficiency of its supply chain and optimizing pricing strategies to enhance profitability in the tobacco leaf business[15]. - The procurement transaction amount for tobacco leaf products during the reporting period was HKD 249.1 million, accounting for approximately 3.2% of the total procurement amount for tobacco leaf products[64]. - The total procurement amount from related party transactions at the issuer level was HKD 3,088.5 million, which is approximately 27.6% of total procurement during the reporting period[37]. Related Party Transactions - The total revenue from related party transactions at the issuer level was HKD 8,079.0 million, accounting for approximately 68.3% of total revenue during the reporting period[37]. - The total revenue from related party transactions at the subsidiary level was HKD 965.5 million, representing about 8.2% of total revenue during the reporting period[37]. - The company has established exclusive and long-term supply framework agreements for both imported and exported tobacco leaf products, which are indefinite unless terminated by the company[39][42]. - The company has been authorized by the Stock Exchange to be exempt from strict compliance with annual caps for sales transactions under the imported tobacco leaf products framework agreement[41]. Financial Position and Assets - Current assets net value increased to HKD 2,216.0 million as of December 31, 2023, from HKD 1,824.1 million as of December 31, 2022[29]. - Total assets amounted to HKD 6,740.4 million as of December 31, 2023, compared to HKD 6,370.5 million as of December 31, 2022[33]. - Total liabilities decreased to HKD 4,045.1 million as of December 31, 2023, from HKD 4,132.9 million as of December 31, 2022[33]. - The debt-to-equity ratio was 0.92 as of December 31, 2023, compared to 0.94 as of December 31, 2022[34]. - The current ratio improved to 1.55 as of December 31, 2023, from 1.45 as of December 31, 2022[34]. Governance and Compliance - The company emphasizes compliance and governance, with independent non-executive directors bringing diverse experience from various industries[102]. - The independent non-executive directors confirmed that the continuing connected transactions were established under fair and reasonable terms and in accordance with regulatory agreements[93]. - The company has established an ESG task force to collect and report annual ESG data and monitor compliance with relevant laws and regulations[113]. - The company has maintained compliance with corporate governance standards and has adopted applicable principles from the Corporate Governance Code[138]. Employee and Management - The company will continue to invest in talent development and employee welfare to enhance workforce productivity and creativity[14]. - The company has a strong management team with extensive experience in finance and tobacco industry, including Qian Yi, who has 14 years of experience in the tobacco sector[105]. - The workforce comprises 281 full-time junior employees, 30 full-time middle management, and 12 full-time senior management, with a gender distribution of 84.10% male and 15.90% female among junior staff[161]. Risks and Challenges - The group faces risks from global anti-smoking movements and increasing consumer health concerns, which may lead to a decline in overall demand for tobacco products[112]. - Seasonal fluctuations may impact the group's performance, making it misleading to rely solely on revenue comparisons across different periods within the fiscal year[112]. - The export business of new tobacco products may encounter challenges due to evolving regulatory interpretations and implementations, potentially hindering growth[112]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.32 per share, which is a 60% increase compared to HKD 0.20 per share in the previous year[12]. - The company paid dividends of HKD 138,336,000 to equity holders, an increase from HKD 117,586,000 in the previous year, reflecting a commitment to returning value to shareholders[193].

港股公司报告 | 公司深度研究 中烟香港（06055） 证券研究报告 2024年04月 16日 投资评级 国内外需求回暖，践行走出去战略，中烟独家国际业务平台有望实 现高质量增长！ 行业 必需性消费/食物饮品 6个月评级 买入（维持评级） 一、中烟香港：中国烟草旗下独家国际业务平台，内生外延双轮驱动 当前价格 10港元 目标价格 17.2港元 中烟香港是中国烟草总公司（CNTC）指定的从事国际业务拓展平台及相关贸易业 务的独家营运实体，控股股东为中国烟草总公司及中烟国际集团有限公司。公司 独家运营烟叶制品进出口、卷烟出口至两国两地免税店及中国内地境内关外免税 基本数据 店、新型烟草制品出口等业务，并通过收购中烟巴西，开启巴西经营业务，进一 港股总股本(百万股) 691.68 步拓展深化产业链布局，提升盈利能力。2023年，公司实现营业收入118.36亿港 港股总市值(百万港元) 6,916.80 元，同比增加 42%，实现归属于公司权益持有人的净利润 5.99亿港元，同比大幅 每股净资产(港元) 3.61 增加 60%，此外，公司拟派发截至 2023年 12月 31日年度末期股息每股 0.32港 资产负债率( ...

公司动态 2024 年 3 月 15 日 中烟香港（6055.HK） 证券研究报告 食品饮料 业绩大幅增长 中烟香港（6055.HK）是中烟集团旗下唯一上市平台，主营烟叶进出口、卷烟出口、 投资评级： Xx 未评级 新型烟草出口业务。公司23年业绩突破历史新高，收入118亿港元，同比增长42%， 目标价格： 未评级 净利润6.9亿港元，同比增长49%，增长强劲。我们认为在全球烟叶供小于求的背 景下，公司仍将保持量价齐增的趋势，预期未来仍有稳健的增长。此外公司也计划 现价(2024-3-14)： 10.68港元 逐步提高派息比率，增加股东回报。当前PE-TTM仅为11x，推荐关注。 报告摘要 进口业务增速较高，量价齐升。23年烟叶进口业务为80.8亿港元，同比增长49%， 总市值(百万港元) 7,387.14 进口数量11.7万吨，同比增长27%，进口均价6.89万港元/吨，同比增长16.8%，实 流通市值(百万港元) 7,387.14 现了量价齐升。销量增长一方面受到国内烟叶需求增长的推动，另一方面22年发送 总股本(百万股) 691.68 的货物延迟到23年才到岸确认收入，带来收入的短期波动。并且，由于全球 ...

港股公司报告 | 公司点评 中烟香港（06055） 证券研究报告 2024年03月12日 投资评级 卷烟、新型烟草出口高增长，预计 24 年外延式扩张加速！ 行业 必需性消费/食物饮品 6个月评级 买入（维持评级） 事件：公司发布 2023年度业绩公告，2023年实现营收 118.36 亿港元， 当前价格 10.94港元 同比+42.19%；实现毛利10.88亿港元，同比+34.96%；实现归属于公司权 目标价格 21.3港元 益持有人的净利润 5.99 亿港元，同比大幅增加 59.72%，高于此前盈利预 告预期。 基本数据 港股总股本(百万股) 691.68 1. 烟叶类产品进口、卷烟和新型烟草出口、巴西经营业务持续增长！ 港股总市值(百万港元) 7,566.98 ➢ 烟叶类产品出口业务：2023年实现收入16.52亿港元，同比减少22%， 每股净资产(港元) 3.61 营收占比为 14.0%，主要由于现有适销烟叶货源减少以及主要出口地区 资产负债率(%) 60.01 卷烟税持续上调和控烟措施趋严，导致卷烟生产商对烟叶的采购需求减 少；毛利率为2.7%，同比+0.1pct。 一 年内最高/最低(港元) 13 ...